The Bank of Namibia (BoN) withdrew from circulation and shredded a total of 49,1 million in banknotes last year, after these were found to no longer be fit for use.
According to the central bank’s latest annual report, it shredded 33,1% more unfit bills last year than it did in 2011. Most of the notes destroyed were reportedly of the country’s old N$10, N$100 and N$200 notes.
In addition, the central bank acknowledged that merely two months after it launched the new series of banknotes on Independence Day last year, a number of N$10 and N$20 notes were found to be aging faster than expected.
These have reportedly been taken out of circulation as well, and a new delivery of N$10 and N$20 banknotes with improved technical specifications, is expected to enter the country this month. According to the BoN, both the number of notes and coins in circulation rose in 2012, representing a growth in value of total currency circulating by 15,6%.
The total banknotes increased from 34 million pieces to 36,6 million pieces, while the total number of coins rose to 373,8 million - up from the 337,2 million coins recorded in 2011. Of all notes in circulation, the N$100 bill is the most frequent, the central bank says, representing 37,7% of all notes.
The five cent piece was found to be the most common coin in circulation, at 38,7% of all coins circulated.
Notes that grew substantially in number were the N$20 and N$200, which ran low before last year’s introduction of the country’s new series of notes.
The central bank is also required to repatriate all South African rands deposited into it, and in this regard there was an increase of 46,7% in the value of rand notes sent back the South African Reserve Bank, compared to a decrease of 21,1% in 2011.
“The rand circulation increase is attributed to foreign trade and a higher number of tourists coming from South Africa and other African countries where the Rand is widely used,” BoN states in its latest annual report.
According to the central bank’s latest annual report, it shredded 33,1% more unfit bills last year than it did in 2011. Most of the notes destroyed were reportedly of the country’s old N$10, N$100 and N$200 notes.
In addition, the central bank acknowledged that merely two months after it launched the new series of banknotes on Independence Day last year, a number of N$10 and N$20 notes were found to be aging faster than expected.
These have reportedly been taken out of circulation as well, and a new delivery of N$10 and N$20 banknotes with improved technical specifications, is expected to enter the country this month. According to the BoN, both the number of notes and coins in circulation rose in 2012, representing a growth in value of total currency circulating by 15,6%.
The total banknotes increased from 34 million pieces to 36,6 million pieces, while the total number of coins rose to 373,8 million - up from the 337,2 million coins recorded in 2011. Of all notes in circulation, the N$100 bill is the most frequent, the central bank says, representing 37,7% of all notes.
The five cent piece was found to be the most common coin in circulation, at 38,7% of all coins circulated.
Notes that grew substantially in number were the N$20 and N$200, which ran low before last year’s introduction of the country’s new series of notes.
The central bank is also required to repatriate all South African rands deposited into it, and in this regard there was an increase of 46,7% in the value of rand notes sent back the South African Reserve Bank, compared to a decrease of 21,1% in 2011.
“The rand circulation increase is attributed to foreign trade and a higher number of tourists coming from South Africa and other African countries where the Rand is widely used,” BoN states in its latest annual report.
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